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Slack Labor Markets Will Hold Down Prices

Don't worry about commodities or the exchange value of the dollar.

Updated June 24, 2009 12:01 a.m. ET

Editor's note: The Federal Reserve recently released the transcripts of the 2003 meetings of its Federal Open Market Committee, which determines monetary policy. The following are the remarks at the Dec. 9, 2003 meeting by Ben Bernanke, then a Fed governor who succeeded Alan Greenspan as chairman in 2006. A related editorial appears nearby.

Thank you, Mr. Chairman. The economic news since our last meeting has been heartening. The odds that we have begun a strong and sustainable expansion have risen significantly. Because...